“St. Lucie County’s median sale price reached $390,000 in May! Along with the rise in median sale price, we also saw a 37.9% increase in active listings and 30.0% increase in months’ supply of inventory. This uptick in inventory can be attributed in large part to the federal interest rate hikes to combat inflation,” said Carlos A. Melendez, President of Broward, Palm Beaches & St. Lucie REALTORS®.
Inventory is the number of property listings that are active at the end of the month. Meanwhile, months’ supply of inventory is an estimate of the number of months it will take to deplete the current inventory given recent sales rates.
“Despite rising mortgage rates, this is still a bargain compared to interest rates from the 1970s to early 2000s when we look at historical data from Freddie Mac. Don’t fall into the trap of waiting to buy and with hopes that mortgage rates will drop. The South Florida real estate market is hot, and one of the best ways to fight inflation is to work with a REALTOR® to invest in real estate. With a REALTOR®, you’re not just getting any real estate agent. You’re getting the expertise and dedication of a professional who is just as invested in your future as you are. Visit OnlyARealtor.com to learn more,” continues Melendez.
May Market Reports: Single Family | Townhouses/Condos
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